•Say prices will continue to fluctuate

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) yesterday said that despite the threat to begin sale of petroleum products in dollars, the Dangote refinery had yet to commence transactions in foreign currencies.

President of PETROAN, Billy Gillis-Harry, who spoke on Arise Television, noted that his members were still buying products in Naira, the local currency of Nigeria.

Despite the announcement of possible suspension, Gillis-Harry said that PETROAN had not been formally informed that any changes had been made to the sale of products, nor had the prices of fuel risen at the depots as of yesterday.

“So as far as I know, up until yesterday, our members who bought products are still buying in Nigeria and Naira. And I don’t think that Dangote is looking for how to create any panic in the system.

“But he’s also crying out loud for how the business of the refinery should be stable, which any businessman should do. But as far as buying in US dollars as of today, I cannot confirm that that has happened,” Gillis-Harry added.

Dangote had on March 19 announced the temporary suspension of the sale of petroleum products in Naira, implying that the company cannot continue to dispense in the local currency while purchasing crude oil in dollars.

In a statement, the facility located in Lagos owned by Africa’s richest man, Aliko Dangote, stated that if it continues to sell in Naira, it will experience a mismatch in sales proceeds and crude oil purchases. Since then, although there have been several meetings to sort out the issues, no agreement has been reached.

But Gillis-Harry stated that PETROAN has been at the forefront of the advocacy for Nigerian crude oil to be sold in Naira, stressing that the organisation believes that the policy should continue.

“And if for some reason that decision is going to be reviewed, my opinion is that it should be done in a full stakeholder value chain, so that way we do not just think that the government woke up on just these two policies.

“There is a stakeholder forum that’s already set up for the industry. It’s called the Petroleum Industry Stakeholder Forum that is being headed by the Minister of Petroleum (Oil). And we believe that this decision should be presented to the stakeholders so we can all make input as to the pros and cons of any of these policies,” the PETROAN president stated.

The organisation also stated that prices of products will continue to fluctuate, dictated by several factors, including landing cost of products, explaining that it cannot give a commitment on either increase or decrease in prices.

“The price of petroleum products, especially PMS, is dependent on different parameters, mostly the cost for production, cost for delivery, and the total cost of landing. So if there is a shift in any one of these, it will obviously impact the price.

“If the cost goes down, then we’ll have lower prices. If the cost goes up, then we’ll have higher prices. So it’s not fixed, and we do hope that it will keep this up-and-down movement until sometime we’ll be able to deliver it on a particular average,” he added.

Gillis-Harry reiterated an earlier statement by the organisation that Nigerians should not embark on panic buying of products, noting that the circumstances that will determine whether there will be product scarcity or not are not there yet.

“We have petroleum products to our knowledge. Most of our retail outlets are wet. And the quantity of products that are there is not what we can say will finish in one day. So there will be no need to engage in panic buying.

“But as far as the cost of one litre of PMS is concerned, it will still be determined by the factors that will determine how much is produced and how much it lands in our retail outlets,” he stressed.

However, he noted that fluctuation in prices had continued to affect the businesses of its members.

“It’s depleting our income, it’s depleting our purchasing power and the capital to invest. And that by itself could be one of the reasons why those who are importing increased their import, especially if their prices can compete very favourably and give lower prices to retail outlet owners and marketers,” Gillis-Harry argued.

https://www.thisdaylive.com/index.php/2025/03/27/petrol-retailers-dangote-hasnt-started-selling-fuel-in-dollars/

He should sell it in Ghana cedes

Tinubu should deal with him ruthlessly if he tries that

He will run himself out of the Nigerian market if he decides to start selling in dollars, fuel retailers will only buy from importers and the NNPCL

Toh

Nigerians should just relax and let the market stabilize.

Dangote refinery is a game changer, we just need to give it time.

They sell Naira value only to MRS and AP

If the federal government is serious about rescuing naira, no company based in Nigeria would be allowed to sell their goods and services in USD. Dangote claims to sell refined petroleum products to buyers outside Nigeria, he should make USD from them.

Ikaeniyan0:
He will run himself out of the Nigerian market if he decides to start selling in dollars, fuel retailers will only buy from importers and the NNPCL

LOL

Did you lots even read when his refinery sold 2M barrels of jet fuel to the US? Just few months ago it was reported that Saudi Aramco bought some million liters of jet fuel from his refinery.

Even Nigerians that own cars prefer to buy petrol from MRS because it comes directly from Dangote refinery. Importers and NNPC can keep importing the blended low quality fuel as they’ve been doing. Those that value their vehicles will purchase from Dangote.

Aliko Dangote, the man, the myth, the legend.

He is doing God’s work in Nigeria.

SmartPolician:
If the federal government is serious about rescuing naira, no company based in Nigeria would be allowed to sell their goods and services in USD. Dangote claims to sell refined petroleum products to buyers outside Nigeria, he should make USD from them.

But NNPCL Can sell crude for him in Dollar right?

gracealonev:
I consider Dangote’s tantrums and threat as sheer blackmail. He’s never used to being denied his desires by the Nigerian government.

90% of Nigeria’s big companies, especially those in the manufacturing sector, get their inputs in foreign currencies. He should get a qualified accountant to the maths for him!

NNPCL is terminating, Naira to crude agreement and in turn selling less quantity in dollars.

So you want him to continue selling in Naira where would he balance up the Dollar deficit

Dangote shares go make sense very well o

Islie:
•Say prices will continue to fluctuate



https://www.thisdaylive.com/index.php/2025/03/27/petrol-retailers-dangote-hasnt-started-selling-fuel-in-dollars/

Marketers are here to make life unbearable for him

If not for mischievous reasons why will FG negotiate a Naira crude swap for 6 months ... thats tew short considering all the process it entails to come to terms

why not 1yrs if its must be on short term, i just taya for this govt nothing they do resonate with intelligence

NNPCL refineries should be sold to sincere and efficient buyers to create competition and the crudes sold To all local refineries should be in dollars and from Nigerian oil well

engineerboat:


NNPCL is terminating, Naira to crude agreement and in turn selling less quantity in dollars.

So you want him to continue selling in Naira where would he balance up the Dollar deficit

Both parties have to negotiate.

1. FG’s regulation suggests that all local transactions must be done in Naira.
2. Dangote does not buy the imported component of his crude in Naira, transactions like this must be at arm’s length, but he’s used to incentives in various ways.

SmartPolician:
If the federal government is serious about rescuing naira, no company based in Nigeria would be allowed to sell their goods and services in USD. Dangote claims to sell refined petroleum products to buyers outside Nigeria, he should make USD from them.

Does FG appear like they want to be serious, why would FG negiotate a 6 month naira swap deal considering all the long process to come to terms

Dangote is a businessman, he doesnt owe Nigeria, If Nnpc for mischievious reasons are not forthcomimg he is justified to source for crude elsewhere and he needs, or will expect him to go through the hassle of CBn or black market When he stands a making sales on dollars

He needs dollar to re stock crude, if FG care about the naira then they should make the right move

Check out this iPhone 11, going for only 230k: https://www.nairaland.com/8299636/iphone-11-230-ibadan#133410180

All we want is fair competition and not a subsidy for Dangote.

There is way too many interest in the oil sector.

Dangote refinery initiated by PDP Goodluck Jonathan. Is facing conflict of interests from the cabals and power that be. The refinery is spoiling business for corrupt people. Its very clear why our refinery never works, and will never work the reasons why even shell refuse to build refinery here m.

VnAhunnaPl:
All we want is fair competition and not a subsidy for Dangote.

Dangote is a local producer

oil marketers as the name implies are mere distributor

how do you substantiate competition between a local producer and a distributor of imported rival goods

It is even more impactful to subsidize dangote than to subsidy imported products

Sheuns:


LOL

Did you lots even read when his refinery sold 2M barrels of jet fuel to the US? Just few months ago it was reported that Saudi Aramco bought some million liters of jet fuel from his refinery.

Even Nigerians that own cars prefer to buy petrol from MRS because it comes directly from Dangote refinery. Imported and NNPC can keep importing the blended low quality fuel as they’ve been doing. Those that value their vehicles will purchase from Dangote.

Go through my comment again. I'm talking about the local market.

engineerboat:


But NNPCL Can sell crude for him in Dollar right?

Thanks 🙏, there lots of ignoramuses here who don't understand basic economic principles, The FG out of socioeconomic reasons agreed to sell crude to Dangote in naira to among other things bring prices of fuel and other commodities down including diesel, the same FG has now refused to continue with the naira for crude arrangements out of sheer blackmail, envy and pecuniary interest of the cabal that has held us by the jugular for years and they aren't about to just let go of thier free money, so what do you expect Dangote to do, buy in dollar's and sell in naira? C'mon guys quit being intellectually lazy

I guess this is because the stock he got via Naira for crude sales agreement has not been exhausted

gracealonev:


Both parties have to negotiate.

1. FG’s regulation suggests that all local transactions must be done in Naira.
2. Dangote does not buy the imported component of his crude in Naira, transactions like this must be at arm’s length, but he’s used to incentives in various ways.

1) if they negotiate,then there will be no more competition…..both will smile to the bank and only the masses will suffer high cost of petrol because that is the only thing NNPC wants to be able to make profit.
2)do you even know it’s because of dangote we are seeing a reduction in price of pms?NNPC and petrol marketers are running at losses buying high and selling low due to dangote’s low prices .

Propaganda

gracealonev:


Both parties have to negotiate.

1. FG’s regulation suggests that all local transactions must be done in Naira.
2. Dangote does not buy the imported component of his crude in Naira, transactions like this must be at arm’s length, but he’s used to incentives in various ways.

it's a give and take,

If You want him to sell in Naira then Let NNPCL obey the agreed agreement Naira to crude.

NNPCL cannot eat their cake and have it.

They want to continue to import fuel, but no reasonable reason for them to do that hence this back and forth on renenging on Naira to Crude agreement

engineerboat:


it's a give and take,

If You want him to sell in Naira then Let NNPCL obey the agreed agreement Naira to crude.

NNPCL cannot eat their cake and have it.

They want to continue to import fuel, but no reasonable reason for them to do that hence this back and forth on renenging on Naira to Crude agreement

But truth be told, this seems like a different season to Dangote. Every policy has always been designed around his interests.